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Redrow PLC
Remuneration Information • Apr 11, 2023
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Remuneration Information
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National Storage Mechanism | Additional information 
RNS Number : 8449V
Redrow PLC
11 April 2023
11 April 2023
Redrow plc ("the Company")
2014 Long Term Incentive Plan ("LTIP")
Partial surrender of LTIP awards
On 11th April 2023 the Company received, and the Company's Remuneration Committee has accepted, a waiver by the Persons Discharging Managerial Responsibility (PDMRs) set out in this notice of 16.7% of the awards granted to them under the LTIP in September 2022 (the 2022 LTIP awards). No compensation will be paid to the PDMRs in respect of this waiver.
The waiver is in connection with the Remuneration Committee's decision on 23 March 2023 to replace the original EPS and ROCE performance conditions applicable to the 2022 LTIP awards in accordance with the LTIP rules, such that the vesting of these awards will now be calculated by reference to the Company's total shareholder return performance against a group of other major UK-listed construction companies. The original ESG carbon reduction targets applying to 10% of the remaining awards will remain.
Redrow is committed to ensuring that its remuneration policies incentivise and reward management for strong performance and for delivering value for all the Group's stakeholders. Following the volatility in the housing market in the autumn and winter of 2022 because of the Government's September fiscal statement, it became clear that the 2022 LTIP targets set in September of that year were unsuitable for current market conditions and would penalise management for external factors outside of their control. The Remuneration Committee considers that the revised targets continue to be stretching and ambitious and are aligned to the Group's strategic objectives and broader responsibilities. Further information will be provided in the 2023 annual report.
| For further information contact: | |
| Redrow plc | |
| Nicky Dulieu, Senior Independent Director & Chair of the Remuneration Committee | 01244 527411 |
| Matthew Pratt, Group Chief Executive | 01244 527411 |
| Instinctif Partners | |
| Tim McCall, Head of Capital Markets | 07753 561862 / 020 7457 2860 |
| Bryn Woodward, Associate Partner | 07949 939237 / 0207 457 2045 |
Redrow plc
Notification of Transactions of Persons Discharging Managerial Responsibilities
Directors and PDMRs
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Matthew Pratt
2
Reason for the notification
(a)
Position/status
Director
(b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name
Redrow plc
(b)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(a)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(b)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| Nil | 33,097 |
(d)
Aggregated information
· Aggregated volume
33,097
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Barbara Richmond
2
Reason for the notification
(a)
Position/status
Director
(b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name
Redrow plc
(b)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(a)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(b)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| Nil | 20,201 |
(d)
Aggregated information
· Aggregated volume
20,201
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Graham Cope
2
Reason for the notification
(a)
Position/status
PDMR
(b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name
Redrow plc
(b)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(a)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(b)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| Nil | 5,686 |
(d)
Aggregated information
· Aggregated volume
5,686
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Gary Crisp
2
Reason for the notification
(b)
Position/status
PDMR
(c)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)
Name
Redrow plc
(e)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(f)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(g)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(h)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| 1. | Nil | 7,465 |
(i)
Aggregated information
· Aggregated volume
7,465
· Price
Nil
(j)
Date of the transaction
2023.04.11
(k)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Timothy Stone
2
Reason for the notification
(a)
Position/status
PDMR
(b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name
Redrow plc
(b)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(a)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(b)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| Nil | 7,465 |
(d)
Aggregated information
· Aggregated volume
7,465
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Christopher Lilley
2
Reason for the notification
(a)
Position/status
PDMR
(b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name
Redrow plc
(b)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(a)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(b)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| NiL | 7,465 |
(d)
Aggregated information
· Aggregated volume
7,465
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Karen Jones
2
Reason for the notification
(a)
Position/status
PDMR
(b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name
Redrow plc
(b)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(a)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(b)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| Nil | 4,899 |
(d)
Aggregated information
· Aggregated volume
4,899
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Matthew Grayson
2
Reason for the notification
(a)
Position/status
PDMR
(b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name
Redrow plc
(b)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(a)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(b)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| Nil | 4,899 |
(d)
Aggregated information
· Aggregated volume
4,899
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities / person closely associated
(a)
Name
Rose Sandell
2
Reason for the notification
(a)
Position/status
PDMR
(b)
Initial notification/Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(a)
Name
Redrow plc
(b)
LEI
2138008WJZBBA7EYEL28
4
Details of the transaction(s)
(a)
Description of the financial instrument, type of instrument
Ordinary shares of 10.5p each
Identification code
GB00BG11K365
(b)
Nature of the transaction
Partial surrender of nil-cost option granted under the Company's 2014 Long Term Incentive Plan in September 2022
(c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| Nil | 4,291 |
(d)
Aggregated information
· Aggregated volume
4,291
· Price
Nil
(e)
Date of the transaction
2023.04.11
(f)
Place of the transaction
Outside a trading venue
Name of officer of issuer responsible for making notification: Graham Cope
Date of notification: 2023.04.11
LEI Number:
2138008WJZBBA7EYEL28
Announcement Classification:
3.1: Additional regulated information required to be disclosed under the laws of a Member State.
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